No, you can’t claim a hurricane deductible on your taxes as a deduction. However, you may be able to claim a casualty loss deduction if you experienced damages or losses due to a hurricane or other natural disaster.
This deduction allows you to deduct the value of your loss from your taxes, reducing your taxable income. To qualify for a casualty loss deduction, the loss must be caused by a:
- Sudden event
- Unexpected event
- Unusual event
While hurricanes typically qualify as sudden and unexpected events, it’s important to note that the IRS requires that the loss exceed a certain percentage of your adjusted gross income before claiming it on your taxes.
To claim a casualty loss deduction, the first step is to itemize your deductions on your tax return. In other words, you skip the standard deduction and instead list all of your eligible deductions individually. FYI: You need to be able to provide documentation of your loss, including photos, receipts, as well as estimates from contractors.
The rules for casualty loss deductions may be confusing, especially since the IRS has certain limitations and requirements that must be met. With this in mind, it’s worth consulting with a tax professional and hurricane damage claims attorney at Gordon McKernan Injury Attorneys to make sure you’re eligible for the deduction and know all the rules and procedures. So that you can embark on the road to recovery, give us a call as soon as you can at 888.501.7888 so we can answer any questions you may have. We understand that going through something as intense as a hurricane can be absolutely devastating. This is why if we have to step in, we promise you won’t owe us anything unless we win your case—our G Guarantee!
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